United States District Court for the Southern District of New York, Judge Analisa Torres, Ripple He rejected the motion of CEO Brad Garlinghouse and co-founder Chris Laresen to drop the lawsuit.
The two proposals XRP It was brought before the court last April by its manager.
Court Also Rejects Ripple Executives’ Application
The court said the SEC’s accusation that “Garlinghouse and Larsen’s unregistered sale of securities was reasonably made.”
In addition, according to the court, the SEC also reasonably demonstrated that Ripple was engaged in domestic token sales. The judge dismissed the company’s claim that token sales were largely made in foreign markets.
Judge Rejects SEC’s Application That XRP’s Defense Is Invalid
In addition, the court dismissed the SEC’s application that Ripple’s “fair notice” defense was invalid.
XRP, in its fair notification defense; He claimed that the SEC did not warn them of unregistered securities sales.
In its application filed last April, the SEC claimed that XRP’s fair notice defense was invalid and submitted several documents on the subject.
The court announced that at this stage of the case, it will not make a decision that Ripple’s defense is invalid.
The judge stated that the institution would not be subject to “undue bias” as the defense continued.
Today’s order makes it clear there’s a serious question whether the SEC ever provided Ripple with fair notice that its distributions of XRP – since 2013 – would ever be prohibited under the securities law. https://t.co/d1X6BWDR5i
— Stuart Alderoty (@s_alderoty) March 11, 2022
Stuart Alderoty, Ripple’s general counsel, commented on the SEC’s rejection of the company’s application against its fair notice defense.
Alderoty claimed that with the judge’s final decision, serious doubts arose that the SEC was now giving fair notice to the company.
If you weren’t paying attention then, you should be now. Huge win for Ripple today! https://t.co/dMeUQuIPHM
— Brad Garlinghouse (@bgarlinghouse) March 11, 2022
Making a statement on Twitter, the CEO of the company, Garlinghouse, said that the final decision was XRP. altcoin He said it was a “big win” for him.
*Not investment advice.